Starting up is one of the most flexible career options you can look at. Not only does it allow you to do what you love, becoming an entrepreneur lets you innovate– create something the world has never seen. But as is the case with most of the world today, there are a few bases which everything touches, in some way or another.
The same applies to startups or any other business plan that you might have.
When it comes to companies, there could be hundreds of different types in the world. Primarily, they can be divided into two classes– product-based and service-based. Even though that’s just a vague division, going in a little deeper, we can find that the division branches out in an almost pyramid-type layout so that we get an exponential rise in the number of types.
The big question now is, ‘Which sector should you enter?’
While most people prefer going into whatever their speciality lies in or just whatever sector they are interested in, it’s a good idea to know the sustainability of your company even before it’s out in the market. Keeping that in mind, here’s a list of the three hottest sectors that promise a strong future for startups in India.
Sure, there is an abundance of mobile device manufacturers throughout the world. But if you stop and observe, only a few Indian companies are in the race. You might argue with names like Micromax, CREO, iBall etc, but the main point is even though these companies have been in the market for a while, their products are nothing compared to international competition.
Moreover, most their products are cheap rip-offs of cell phones from other companies, or just Chinese handhelds that have been re-branded. All in all, the Indian mobile manufacturing sector is barren offering an average amount of competition if not too small.
If there is one thing we Indians are famous for, it’s our IT skills. Estimates show that most of the software companies across the world employ more Indians than people from any other ethnicity. Even though we have such strong ties when it comes to the sector, there are only a handful of reputed software firms of Indian origin.
If the software is your key strength, or you have a team that could revolutionise the International software market, we think it’s about time we got a reputed Indian software maker into the market.
For those who do not know, Cleantech refers to a wide variety of business categories, including, but not limited to agriculture and bioproducts, renewable energies, smart grid, energy storage and waste management. These kinds of companies are not just hard to find in India, they are scarce across the world.
Also, getting into this sector will allow you to live your investment goals as investors are, more often than not, interested in companies that challenge the current way of living.
Honourable mentions to sectors you could select for your startup include Hardware, Fintech and Transportation.
So, now that you know what kinds of companies are faring in the market today or what kind of companies are lacking, what are you waiting for? Get out there change our world!